Gold prices are stable

30.09.2016

On Friday, gold prices have not changed since the mixed US data released on Thursday are putting pressure on the dollar, while concerns about the European banking sector has forced traders to focus on safer assets.

Gold futures for December delivery were traded at $ 1329.05, rising 0.22%.

December futures to the end of the session on Thursday rose 0.17%, to $ 1326.00 an ounce.

Futures are likely to receive support at $ 1314.70, the low of Thursday, September 9, and resistance at $1330.65, Wednesday's high.

Today, investors are waiting for the publication of US data on personal spending and consumer sentiment, as well as a report on manufacturing activity in Chicago, in an attempt to assess the state of the US economy.

Gold prices strengthened after data on Thursday showed that the volume of outstanding transactions with real estate in the US fell to a seasonally adjusted 2.4% last month, confounding expectations for an increase by 0.3%.

The report was published shortly after it was reported that, according to the third estimate, the US GDP growth in the second quarter was 1.4%, the rate being revised from the previous estimate of growth by 1.1%.

Also, the US Department of Labor reported that the number of initial applications for unemployment benefits for the week ending September 24 increased by 3000 to 254000.

Demand for the precious metal was also supported amid concerns over the state of Deutsche Bank (DE: DBKGn) after reports that professional market participants are trying to withdraw money from the largest bank in Germany, as it can be imposed a fine by the US Ministry of Justice.

Silver futures for December delivery are traded steady at $19.188 a troy ounce, while copper futures for December delivery fell 0.14% to $ 2.187 per pound.

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